PTC Therapeutics (NASDAQ:PTCT) Price Target Lowered to $53.00 at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price target lowered by JPMorgan Chase & Co. from $70.00 to $53.00 in a research report sent to investors on Monday, FlyOnTheWall reports.

Several other analysts also recently issued reports on the company. Truist Financial reissued a buy rating and set a $65.00 target price on shares of PTC Therapeutics in a research note on Wednesday, August 16th. Morgan Stanley reissued an equal weight rating and issued a $47.00 target price on shares of PTC Therapeutics in a report on Friday, August 4th. Credit Suisse Group reaffirmed a neutral rating and set a $50.00 target price on shares of PTC Therapeutics in a research note on Thursday, July 20th. Royal Bank of Canada reiterated a sector perform rating and issued a $49.00 price target on shares of PTC Therapeutics in a research note on Thursday, July 20th. Finally, Raymond James lowered PTC Therapeutics from an outperform rating to an underperform rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $41.00.

PTC Therapeutics Price Performance

PTCT opened at $24.28 on Monday. The company has a 50 day simple moving average of $39.26 and a two-hundred day simple moving average of $44.80. The firm has a market cap of $1.83 billion, a P/E ratio of -2.88 and a beta of 0.37. PTC Therapeutics has a 1-year low of $23.83 and a 1-year high of $59.84.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.58) by ($1.08). The business had revenue of $213.80 million during the quarter, compared to analyst estimates of $206.99 million. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($2.13) EPS. Equities analysts anticipate that PTC Therapeutics will post -5.45 earnings per share for the current year.

Insider Activity

In other news, Director Alethia Young sold 11,666 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $39.86, for a total transaction of $465,006.76. Following the transaction, the director now owns 9,067 shares of the company’s stock, valued at approximately $361,410.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PTCT. RTW Investments LP lifted its holdings in shares of PTC Therapeutics by 26.3% in the 1st quarter. RTW Investments LP now owns 7,093,298 shares of the biopharmaceutical company’s stock worth $343,599,000 after acquiring an additional 1,477,911 shares during the last quarter. Cowen AND Company LLC purchased a new stake in PTC Therapeutics in the 2nd quarter worth about $32,516,000. Norges Bank bought a new stake in PTC Therapeutics in the fourth quarter worth about $24,587,000. Armistice Capital LLC boosted its position in shares of PTC Therapeutics by 17.1% during the fourth quarter. Armistice Capital LLC now owns 3,396,000 shares of the biopharmaceutical company’s stock valued at $129,625,000 after buying an additional 496,000 shares during the period. Finally, State Street Corp grew its stake in shares of PTC Therapeutics by 13.8% during the second quarter. State Street Corp now owns 3,624,877 shares of the biopharmaceutical company’s stock valued at $145,213,000 after buying an additional 440,850 shares during the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.